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But in 1992, the state, then trying to reduce the program's impact, eliminated the floor rate for new contracts.
The cap rate is set above the floor rate.
Floor rating is affected by the other three statuses.
That money was largely spent buying French francs at or near the previous floor rate of 3.4305 francs to the mark.
In 1981, New York State had guaranteed independents a floor rate of 6 cents a kilowatt-hour.
Banks try to borrow mostly at the cheaper floor rate, using the ceiling rate only during acute funds shortages.
As expected, it left the floor rate, the intervention rate, unchanged at 3.55 percent, where it has been since a five-basis-point cut on July 4.
The French central bank lowered the ceiling for money market rates yesterday while leaving the floor rate unchanged, keeping alive expectations for further cuts.
Following the amendment of the Banking regulation Act(1949) in January 2007, the floor rate of 23% for SLR was removed.
Under an unadulterated gold standard, the floor rate of interest is determined by the marginal time preference theory and the ceiling rate is determined by the marginal productivity of fixed capital.
The Housing and Economic Recovery Act of 2008 (HERA) enacted a provision to temporarily create a fixed floor rate of 9 percent for 9% LIHTC Credits.
The same disequilibrium model is valid under a debt based monetary system, but the floor rate of interest is now determined by the marginal liquidity preference of bondholders (also going by the name of the yield curve).
Floor rates set by central banks in Germany and France are at their lowest levels since the 1980's, between 3.2 and 3.3 percent, but are now higher in Britain and countries like Italy and Portugal where inflation was long a problem.
Although controlling inflation, running at around 12 per cent, remained a priority, the government hoped to boost private lending and enterprise by cutting the floor rate on commercial lending by 1 percentage point to 14 per cent [for last interest rate rise see p. 38533].